|Rating||4.5 ★ / 5|
|OS Require||Android 4.0.x - Ice Cream Sandwich|
|Author's Notes||Calculate mortgage or loan payments and amortization table using both: the exact formula and the approximate formula used by some...|
Tag#mortgage calculator#mortgage calculator with taxes and insurance#mortgage calculator with extra payments#mortgage calculator with taxes#mortgage calculator with amortization#mortgage calculator free#mortgage calculator zillow#mortgage calculator with pmi
Compound interest is the only interest rate used in serious finances. It allows to compare products and to create competition. However, public mortgage quotas are calculated using an approximated formula (a mix between compound and simple interest). Apart from creating confusion, this makes mortgage interest rates to grow even greater when interest rates rise (as the approximation error gets larger).
In the old times, using the exact formula could be complex but, nowadays, even the phone on our pocket can calculate it. There is no excuse to continue using the approximated formula.
We are promoting a petition requesting to change the law to force the use of the formula applying the effective annual interest rate (the universal interest rate unit). Please, sign the petition at:
Version with no ads. Improved interface in devices with Android 2.
APP is installed in SD card if it's available
Months limited to 11.
Petition messages best clarified.
You can add years and months.
The annual interest earned by the approximate formula is shown now.
Corrections in the translation to English.
The amout of amortization is shown in the amortization table.
Fixed a bug in the application sharing feature.
Changed font type in amortization tables
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